Tuesday, November 20, 2018
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    Akin Adesina: We closed 45 deals worth $32bn at first ever Africa Investment Forum

Akin Adesina: We closed 45 deals worth $32bn at first ever Africa Investment Forum

Akinwumi Adesina, president of the Africa Development Bank (AfDB), says 45 deals, worth $32 billion were signed at the first ever Africa Investment Forum.Speaking on the concluding panel of the Africa Investment Forum in Sandton, South Africa, Adesina said the deals surpassed his expectation for its first ever edition.He said his major takeaway is that there is a rising confidence [...]

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    Elumelu: If local players are burnt, foreign investors won’t come

Elumelu: If local players are burnt, foreign investors won’t come

Tony Elumelu, chairman of Heirs Holdings, says if local investors are burnt in business, foreign investors would not come in to invest. Speaking on the second presidential panel at the just concluded Africa Investment Forum (AIF) on Thursday, Elumelu said no amount of roadshows will make foreign investors come if local ones are failing."If you look at the power sector, you [...]

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    MTN sues FG for N3bn over $1.3bn tax default claim

MTN sues FG for N3bn over $1.3bn tax default claim

MTN Nigeria is seeking N3 billion in damages and legal costs from the federal government.The telco is challenging the legality of N242 billion and $1.3 billion import duties and withholding tax demanded from it.NAN reports that Wole Olanipekun, MTN’s lead counsel, on Thursday informed the federal high court of the various processes filed before it and served on respective parties [...]

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    Zainab Ahmed: How AfDB helped Nigeria out of recession

Zainab Ahmed: How AfDB helped Nigeria out of recession

Zainab Ahmed, minister of finance, says the African Development Bank (AfDB) was very instrumental to Nigeria's exit from its worst recession in decades.The minister explained this on Thursday while speaking to CNBC Africa on the sidelines of the first ever Africa Investment Forum ongoing in South Africa.She explained the role AfDB played in getting Nigeria out of recession while adding that the [...]

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    Udoma: In four years, all 774 LGAs will have internet connectivity

Udoma: In four years, all 774 LGAs will have internet connectivity

Udo Udoma, minister for budget and national planning, says in four years, every of the 774 local government areas in Nigeria will have internet connectivity. The minister disclosed this while speaking at the 42nd Annual Conference of Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN) in Lagos on Thursday.He said the government is working to increase broadband penetration across all geopolitical zones of [...]

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    Sirika: Nigeria Air to gulp $300m, awaiting FEC approval

Sirika: Nigeria Air to gulp $300m, awaiting FEC approval

Hadi Sirika, minister of state for aviation, says the Nigeria Air project is not lacking investors.He said institutions and airlines such as the African Development Bank (AfDB), AFREXIM, US-EXIM, Standard Chartered Bank, Boeing, Airbus and China-Exim Bank are some of the interested partners.The minister said the project followed due process and is currently at procurement stage awaiting approval of the [...]

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    IMF: Over 50% of Nigeria’s revenue is used to service debt

IMF: Over 50% of Nigeria’s revenue is used to service debt

Amine Mati, International Monetary Fund (IMF) senior resident representative for Nigeria, says more than 50 percent of Nigeria's revenue is used to service the country's debtHe made the remark during a presentation by the International Monetary Fund (IMF) on the economic outlook for sub-Saharan Africa, stating that Nigeria was diverting more resources toward interests payments.He said that although Nigeria’s debt to gross [...]

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    FG: Why we resisted temptation to cancel power sector privatisation

FG: Why we resisted temptation to cancel power sector privatisation

Lai Mohammed, minister of information, says the federal government resisted the temptation to cancel the power sector privatisation in order not to send wrong signals to prospective investors.The minister said this on Thursday in Abuja while answering questions on a programme aired on Radio Nigeria.The nation's power sector was privatised in November 2013 as private investors took over now-defunct Power [...]

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    Osinbajo: Nigerian banks have to reform to survive what is coming

Osinbajo: Nigerian banks have to reform to survive what is coming

Vice-President Yemi Osinbajo says there is a need to reform Nigerian banks for them to meet up with the inevitability of the Fintech revolution.Speaking at the ongoing first ever Africa Investment Forum in Johannesburg on Thursday, the Osinbajo said there are no plans to take the banks' lunch, but the banks have to reform to survive.He said the "Fintech companies, [...]

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Exchange Rates

November 16, 2018USDGBPEUR
INTERBANK306397354
LAGOS359475418
KANO359476420
PH360476420
ABUJA359478419
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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